The third part of the story, which occurs within the few seconds before Farquhar dies, is presumably a fantasy. What point of view does the writer use here?

Again, we have 3rd person omniscient. However, the tone of the ending changes dramatically when Farquhar dies. The leading up to his death, which reflects almost "his life passing in front of his eyes," is romantic, innocent, and hopeful. Suddenly, the author's change of language to harsh, almost clinical, simply states what the reader maybe does not expect: Peyton Farquhar has died.